The Greek saga continues as the country appeared to strike and conciliatory tone with its creditors only to be rebuffed by Germany. Yesterday, Greek Finance Minister Yanis Varoufakis stated that his country would implement 70 percent of the reforms included in the current bailout package.

Greece is once again rattling markets as fallout from their potential to exit the Euro topped the list of concerns in the G20 meeting that began today in Istanbul. A parallel to the Lehman crisis is being drawn insomuch as a disorderly exit of Greece from the euro could trigger a flight to quality by investors that may result in bank runs and another downturn in the global economy.

The euro has taken a beating in recent weeks and the downside move accelerated yesterday when the Swiss National Bank unexpectedly ended its policy of maintaining the franc at levels weaker than 1.20 per euro. While setting a record intraday low against the franc yesterday, the euro also ended the day with a 3.5% decline in relation to a basket of major currency peers, the biggest drop on record.

The Swiss National Bank sent shockwaves through the market today by abandoning its 1.20 cap on franc per euro. The SNB simultaneously cut the target rate for three-month LIBOR from a range of minus .75% to minus .25% to minus 1.25% to minus .75%.

U.S. retail sales were significantly worse than expected for the month of December, falling by .9%, the worst showing in nearly a year. The retail sales index measures 13 categories of spending and 9 of those fell, indicative of a broad based retreat that will prompt cuts to U.S. growth forecasts.

Polling ahead of Greece’s January 25 elections are showing the anti-austerity Syriza party in the lead by 3 points. Meanwhile Greece’s current aid agreement is due to expire at the end of February and the ECB is warning that it would choke off funding to Greek lenders rather than renew an international bailout package if austerity measures were not adhered to.

Debate is intensifying in Europe ahead of their January 22 policy meeting over calls to introduce quantitative easing. Draghi will make arguments in favor of QE at a conference in Berlin on January 14, the same day the European Court of Justice in Luxembourg will announce a non-binding legal opinion of a previously announced but never used plan to purchase bonds under a program known as Outright Monetary Transactions. While many central banks globally have the mandate to undertake quantitative easing, its legality within Europe is unclear.